Shenandoah herald. [volume] (Woodstock, Va.) 1865-1974, 1887-08-05
WHAT THE BONDHOLOERS DEMAND.
A REVIEW OF THE PROCEEDINGS
OF THE LATE DEBT COM
MISSION.

OF THE LATE DEBT COM
MISSION.
Editor Of the Richmond Wing:
The Democratic Convention will
meet on August 1th, at Roanoke
city. | think the question Of the
state debt will be discussed. /
have examined the "Appendix to
the final report of the special joint
committee appointed to confer with
commission of council of foreign
bondholders.p The sessions
lasted from April Doth to May 18th,
1887. Were the agents Of the for.
eign bondholders edward Thorn.
ton and S. N. Braithwaite) author.
lied to speakl Undoubtedly. Let
me give the words of these accred-
tied agents. "Mr. Braithwaite-
. That we come to you, before
we left London, You know the fact,
absolutely pledged by the instruc-
tions given us, to the effect that
the Rlddleberger settlement will
not be accepted. | think, there.
fore, it is useless to discuss a settle
ment on that basis.D 81
am free to admit that we are pledg-
ed not to accept the Riddleberger
settlement
"Mr. Braithwaite-We are com
PEELED to state, once for all, that we
must decline any negotiation on "a
basis that would involve the reduc-
ton of capital of the consol and
ten-forty bonds, so as to bring the
total amount Of your debt within
S25,000,O00. That you may take
as final"
"Mr. Braithwaite- 1t
would be an essential condition If
any arrangement whatever that is
made with those classes of debts
which all possess, the security of the
taX-receivable coupons should in
some form or other retain that Sc
curity. That is an absolute sine
qui NON of any negotiations be-
tween u.s."
The bondholders have refused to
reduce the principal of the debt ;
have failed to accept the Riddleber-
ger settlement, and demand that
the taX.receivable coupon shall be
retained in any settlement that may
be made.
The people have indOrsed the
Riddleberger settlement at the polls
on several occasions, and they will
do no more than that for the credl-
tors. The Riddleberger settlement
reduces the principal Of the debt
and wipes out the tax.recelvable
coupons.
Now the bondholders and the
people are just as wide apart as
they can get.
In this dilemma what must the
Democracy of Virginia do? Re.
treat ? No, never. Reafiirm the de.
termination of the people? Yes !;
speak in plain language, that the
Democracy of Virginia will do what
it promised IN the Lynchburg Con-
vention, 1888. Self.preservation
and state sovereignty demand that
a firm stand be taken. Virginia
parents and children ask that our
schools be maintained our asy-
lums must and shall be supported /;
our disabled soldiers shall have n
small pittance eight.tenths of the
taxes are paid by Confederate sold
dlers, or the sons of the soldiers,
and they have the right to claim
"helpD for the manned Confederate.
Virginia has said to her creditors,
she will pay so much principal and
interest, and come and share, along
with her other obligations resting
on her, and she will do what she
can. The creditors say no, we will
not share +; we want so much, and
If not that then we will attempt 10
force coupons in payment Of taxes.
Every effort IS now being made to
ruin Virginia with coupons. After
the statements made by these
agents, their lectures; their com
ments on our mode and manner of
collecting taxes; their rude and
harsh criticisms on our apprOpria-
tons for schools, asyiums, and dis
abled soldiers; their extreme dcsire
to restore Virginia's credH IN the
foreign financial circIes by Wging
Virginia to settle the 'c0y they think
best, and If not she shall not hare
any credit, and their closing act in
Richmond Just before they left for
England, in publishing a circular
false upon its face, are sufficient
reasons for the people of Virginia
"to cease forbearance" and apply
harsh remedies and make "war to
the knife and knife to the hilt."
You can safely rely on one thing
the people are growing more and
more determined, more and more
impatient, just waiting for the time
(nearly at hand) to raise the cry Of
reputation if this oppression and
tyranny are not stopped by these
bondholders and their agents.
BOndhOIderS, take notice. The voice
of a sovereign people can not be
stlfled at the bidding of foreigners,
even If they are urged on by few
Virginians